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Region Five Chamber lauds Govt.’s toll-free Berbice River Bridge initiative
The Berbice River Bridge
Kaieteur News – The Region Five Chamber of Industry and Commerce has expressed strong support for the recent announcement by President Irfaan Ali regarding the Berbice River Bridge becoming toll-free, once the new Demerara River Bridge is operational.
Last Thursday, President Ali made three announcements during the commissioning of the new Schoonord to Crane four-lane highway in Region Three. He revealed three major plans for free crossing from next year for the new Demerara River Bridge, the current Berbice River Bridge and the Wismar River Bridge when completed.
In a press statement on Monday, the Chamber said that the elimination of tolls will significantly benefit both Berbice regions by reducing travel costs for commuters. This change is expected to stimulate inter-regional commerce, enhance local tourism, and boost entertainment sectors.
“This announcement has been received by Berbicians with much excitement and it will contribute positively to the growth and development of the two regions in Berbice. Commuters will be able to access services from either regions at reduced cost since tolls will no longer be applicable. It will promote inter regional commerce and generally boost the local tourism and entertainment sectors,” it was stated.
The initiative is expected to offer considerable financial relief to local businesses. Trucks transporting goods will benefit from lower transportation costs, potentially leading to reduced prices for consumers.
Additionally, contractors and builders in Region Six will see decreased expenses in transporting construction materials from the city.
While acknowledging potential impacts on private transportation operators, the Chamber is optimistic that reduced fares will still allow bus operators to maintain sustainable income levels. The 56 bus operators are anticipated to lower their fares in response to the removal of tolls.
The Chamber also underscored the importance of maintaining the Water Taxi services, which continue to offer benefits for commuters in the Berbice regions. The Chamber views the toll-free initiative as a win-win situation for all parties involved.
The current Berbice River Bridge, was constructed between 2006 and 2008 at a cost of $8 billion, and received financial backing through loans and equity contributions from various entities, including the state-run National Insurance Scheme (NIS) and private investors.
The bulk of the money invested in the Berbice Bridge came from NIS. Sharing ownership percentages in the Berbice Bridge Company Inc. (BBCI): National Industrial and Commercial Investments Ltd (NICIL) holds 10 percent, NIS owns 20.2 percent, and other stakeholders include Hand-in-Hand Fire Insurance (10 percent), New GPC (20 percent), Queens Atlantic Investment Inc. (20 percent), and Secure International Finance Co. Limited (20 percent).
Recently, the government invited contractors to submit applications to be prequalified for the design, build and finance of the new Berbice River Bridge. This structure is expected to mirror the US$260 million new Demerara River Bridge.
- announcement, Demerara River Bridge, operational, Region Five Chamber of Industry and Commerce, The Berbice River Bridge
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